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France,Switzerland : EIB invests in FRENCH renewable energy

May 3, 2014

The European Investment Bank (EIB) announced the launch of a programme which will commit 750 million to finance the implementation of renewable energy projects throughout France between 2014 and 2016.

The EIB describes the programme, entitled "France Renewables", as a major financing operation that will support projects contributing to climate change mitigation. Selected projects involve the development of wind, photovoltaic, hydraulic and geothermal energy. The EIB s triple-A rating, the public or private sector beneficiaries of this loan will have access to favourable financing terms.

The financing operation is being implemented in partnership with SociÉtÉ GÉnÉrale Corporate & Investment Banking, CrÉdit Agricole Group (Caisses rÉgionales de CrÉdit Agricole and CrÉdit Agricole Leasing & Factoring) and the BPCE Group (Banque Populaire, Caisse d'Epargne, CrÉdit coopÉratif, Natixis SA and Natixis Energeco), all selected by the EIB for their expertise in energy project financing and their ability to ensure programmes with national and EU environmental legislation concerning biodiversity.

The loans granted by the EIB will meet 50% of the financing requirements of each selected project with an investment cost of 50 million.

By 2020, the EU will be investing in financing its energy transition. It is for this reason that the EIB has been stepping up its climate action, devoting 19 billion, or 26% of its total lending to this objective in 2013.

France is one of the chief beneficiaries receiving 1 billion in new finance in this area. The drive is continuing in 2014 in the context of the current economic climate.

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Source: TendersInfo (India)

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